Japan’s Nikkei 225 Stock Average fell 91.11, or 1 percent, to 8,628.13 at the 3 p.m. close in Tokyo. The following were among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.
Chuo Kagaku Co. (7895 JQ), a maker of plastic food containers, rose 2.5 percent to 411 yen. Mitsubishi Corp. (8058 JT), Japan’s biggest trading house by market value, plans to pay as much as 7 billion yen to acquire Chuo Kagaku through a tender offer. It will offer 386 yen for each Chuo Kagaku share, according to a statement. Mitsubishi slid 1.3 percent to 1,750 yen.
Cosmo Oil Co. (5007 JT), an oil refiner, dropped 3.1 percent to 189 yen, the lowest since December 2009. The company shut its No. 1 crude distillation unit, with a capacity of 100,000 barrels a day, for scheduled maintenance today, Yusuke Kaneda, a spokesman, said by phone from Tokyo. The company plans to start the unit on Oct. 5, he said.
Hino Motors Ltd. (7205 JT) retreated 4.8 percent to 381 yen and Isuzu Motors Ltd. (7202 JT) sank 4.1 percent to 307 yen after Deutsche Bank AG cut its target price for both truckmakers, citing “demand risk primarily in emerging markets.” Deutsche lowered its stock price estimate on Hino to 435 yen from 500 yen. Isuzu’s target was cut to 415 yen from 450 yen. Deutsche also lowered its equity rating on Hino to “hold” from “buy.”
Inaba Seisakusho Co. (3421 JT), a maker of prefabricated garages and sheds, gained 3.7 percent to 842 yen. The company more than tripled its full-year net income projection to 180 million yen ($2.3 million) from 50 million yen, citing cost cuts.
Miyachi Corp. (6885 JT), a maker of laser welders, soared by its upper daily limit of 100 yen, or 19 percent, to 627 yen, the sharpest rise since March 2009. The company said it expects net income to more than triple to 1.1 billion yen this fiscal year from 320 million yen a year earlier, as sales may jump by 17 percent on growing demand from car and electric makers in emerging countries.
Nishimatsuya Chain Co. (7545 JT), an apparel retailer, tumbled 5.6 percent to 624 yen. The company cut its full-year net income outlook 24 percent to 3.83 billion yen, as lower advertising and other fixed costs failed to cover reduced prices for spring and summer clothing.
Resorttrust Inc. (4681 JT), a resort hotel operator, rose 2.4 percent to 1,242 yen. Daiwa Securities Group Inc. boosted its equity rating on Resorttrust to “outperform” from “neutral,” saying operating rates at its hotel restaurants recovered quicker than expected after the March earthquake.
Stella Chemifa Corp. (4109 JT), a maker of high-purity chemical products, retreated 4.6 percent to 2,168 yen, the lowest since May 2009. Daiwa Securities Group Inc. cut its investment rating on Stella Chemifa to “neutral” from “outperform,” saying the stocks are getting less undervalued.
Taikisha Ltd. (1979 JT), a maker of air-conditioning systems, leapt 4.6 percent to 1,561 yen. Daiwa Securities Group Inc. boosted its investment rating on Taikisha to “buy” from “outperform,” saying that the company is benefiting from a recovery in orders.
Thine Electronics Inc. (6769 JQ), a chip developer, surged by its daily limit of 10,000 yen, or 18 percent, to 64,200 yen, the steepest advance since January 2010. The company said it will buy back up to 3.2 percent of its outstanding shares.